ACCT 2000 Lecture : Notes
Document Summary
Sole proprietor you are personally obligated for debt, Partner ship brings advantage of broader skills and resources, legal liability that each of them is responsible. Cooperation stocks, business owned as a separate legal entity owned by investors. Accounting does is it"s a process for how a company can record the events and transactions, and then communicate the results to interested users, internal/external. Operating primary activity of selling goods or providing services examples, sell products, pay employees. Investing purchase of resources needed equipment / venue. Financing attaining funds / borrowing money / issuing shares of stock borrowing from creditors issuing stock. Income statement shows how successful performs (revenue expenses = net imcome/loss) timespan. Retained earings (shows how much of previus income was retained and distrubeted (begain retained earings +ni dividend = end re) timespan. Baslance sheet presents assets and liabilities , assets = liab + se specific date.
